<p>欧洲晨间投标 - 英伟达财报成为焦点</p><p>Rae Wee 对欧洲和全球市场的前景进行展望</p><p>英伟达 NVDA.O 的财报将成为周三市场的重头戏，所有目光都集中在美国对中国的科技限制将给这家人工智能领军企业带来多大成本上。</p><p>公司观察人士预计，这家芯片巨头第一季度的收入将激增 66.2%，达到 432.8 亿美元，然而围绕其中国业务的不确定性依然很大，即使其他监管的放松将开启新的市场。</p><p>目前，期权市场的交易者在财报发布后正准备迎接行业范围内的波动，主要半导体 ETF 的防御性期权合约引起了广泛关注。</p><p>除了财报，投资者还将关注全球债券市场的发展，周三日本 40 年期国债拍卖的需求是自去年 11 月以来的最低水平，突显出市场吸收新债务的能力正在减弱。</p><p>近期，全球长期收益率因债券大幅抛售而飙升，尤其是在美国和日本等发达国家，财政赤字的担忧日益加剧。</p><p>对减税的担忧以及美国混乱的关税政策将加剧通货膨胀并推动政府支出的预期，使投资者对持有长期主权债务变得愈加紧张。</p><p>周二，路透社独家报道日本正在考虑减少超长期债券的发行，随后收益率和日元均出现下跌。</p><p>在周三的拍卖后，日本国债收益率变化不大。美国国债收益率在前一天下跌后略微上升。</p><p>在新西兰，中央银行将基准利率下调 25 个基点，并暗示比三个月前预测的稍微深度的宽松周期，强调美国贸易政策急剧变化对经济增长的风险。</p><p>可能影响周三市场的关键发展：</p><ul><li>北美财报：英伟达、蒙特利尔银行、加拿大国家银行、DICK'S 体育用品、梅西百货</li><li>美国两年期浮动利率、五年期票据的拍卖</li><li>德国 15 年期国债的拍卖</li><li>德国 5 月份失业数据</li><li>法国第一季度 GDP 最终读数，4 月份生产者价格</li></ul>

英伟达

<p>英伟达的财报将成为一个关键的市场事件，预计收入将激增 66.2%，达到 432.8 亿美元。然而，关于美国对中国的技术限制的担忧可能会影响结果。交易员们预计半导体行业将出现波动。此外，全球债券市场也受到关注，日本的债券拍卖需求处于低位，因财政赤字担忧导致长期收益率上升。新西兰中央银行也已降息，表明美国贸易政策变化带来的经济增长风险</p>

<p>MORNING BID EUROPE-Nvidia earnings take the spotlight</p>
<div class="lb-trans"><p>欧洲晨间投标 - 英伟达财报成为焦点</p>
</div><p>A look at the day ahead in European and global markets from Rae Wee</p>
<div class="lb-trans"><p>Rae Wee 对欧洲和全球市场的前景进行展望</p>
</div><p>Earnings results from Nvidia NVDA.O will be the marquee event for markets on Wednesday, with all eyes on how much U.S. technology curbs on China will cost the AI bellwether.</p>
<div class="lb-trans"><p>英伟达 NVDA.O 的财报将成为周三市场的重头戏，所有目光都集中在美国对中国的科技限制将给这家人工智能领军企业带来多大成本上。</p>
</div><p>Company watchers expect the chip giant to report a 66.2% surge in first-quarter revenue to $43.28 billion, however uncertainty surrounding its China business looms large even as a pullback in other regulations is set to open up new markets.</p>
<div class="lb-trans"><p>公司观察人士预计，这家芯片巨头第一季度的收入将激增 66.2%，达到 432.8 亿美元，然而围绕其中国业务的不确定性依然很大，即使其他监管的放松将开启新的市场。</p>
</div><p>As it is, traders in the options markets are bracing for industry-wide volatility after the results, with defensive options contracts on a major semiconductor ETF drawing heavy attention.</p>
<div class="lb-trans"><p>目前，期权市场的交易者在财报发布后正准备迎接行业范围内的波动，主要半导体 ETF 的防御性期权合约引起了广泛关注。</p>
</div><p>Earnings aside, investors will also be watching developments in global bond markets after demand on Wednesday for Japan's 40-year government bond auction was its lowest since November, underscoring the market's diminishing capacity to absorb new debt.</p>
<div class="lb-trans"><p>除了财报，投资者还将关注全球债券市场的发展，周三日本 40 年期国债拍卖的需求是自去年 11 月以来的最低水平，突显出市场吸收新债务的能力正在减弱。</p>
</div><p>Long-end yields have surged worldwide in recent weeks on a heavy selloff in bonds as concern mounts over fiscal deficits, particularly in developed nations such as the U.S. and Japan.</p>
<div class="lb-trans"><p>近期，全球长期收益率因债券大幅抛售而飙升，尤其是在美国和日本等发达国家，财政赤字的担忧日益加剧。</p>
</div><p>Worries over tax cuts and that the United States' chaotic tariff policy will stoke inflation and propel government spending have made investors increasingly nervous about holding long-dated sovereign debt.</p>
<div class="lb-trans"><p>对减税的担忧以及美国混乱的关税政策将加剧通货膨胀并推动政府支出的预期，使投资者对持有长期主权债务变得愈加紧张。</p>
</div><p>On Tuesday, Reuters' exclusive report that Japan is considering trimming the issuance of super-long bonds was followed by a drop in both yields and the yen.</p>
<div class="lb-trans"><p>周二，路透社独家报道日本正在考虑减少超长期债券的发行，随后收益率和日元均出现下跌。</p>
</div><p>Yields on Japanese government bonds were little changed following Wednesday's auction. U.S. Treasury yields edged up slightly after falling the previous day.</p>
<div class="lb-trans"><p>在周三的拍卖后，日本国债收益率变化不大。美国国债收益率在前一天下跌后略微上升。</p>
</div><p>Over in New Zealand, the central bank cut its benchmark interest rate by 25 basis points and flagged a slightly deeper easing cycle than it forecast three months ago, underlining risk to economic growth from a sharp shift in U.S. trade policy.</p>
<div class="lb-trans"><p>在新西兰，中央银行将基准利率下调 25 个基点，并暗示比三个月前预测的稍微深度的宽松周期，强调美国贸易政策急剧变化对经济增长的风险。</p>
</div><p>Key developments that could influence markets on Wednesday:</p>
<div class="lb-trans"><p>可能影响周三市场的关键发展：</p>
</div><ul>
<li>North America earnings: Nvidia, Bank of Montreal, National Bank of Canada, DICK'S Sporting Goods, Macy's</li>
</ul>
<div class="lb-trans"><ul>
<li>北美财报：英伟达、蒙特利尔银行、加拿大国家银行、DICK'S 体育用品、梅西百货</li>
</ul>
</div><ul>
<li>U.S. auction of two-year floating rate, five-year notes</li>
</ul>
<div class="lb-trans"><ul>
<li>美国两年期浮动利率、五年期票据的拍卖</li>
</ul>
</div><ul>
<li>German auction of 15-year Federal bonds</li>
</ul>
<div class="lb-trans"><ul>
<li>德国 15 年期国债的拍卖</li>
</ul>
</div><ul>
<li>German unemployment data for May</li>
</ul>
<div class="lb-trans"><ul>
<li>德国 5 月份失业数据</li>
</ul>
</div><ul>
<li>France Q1 GDP final reading, producer prices for April</li>
</ul>
<div class="lb-trans"><ul>
<li>法国第一季度 GDP 最终读数，4 月份生产者价格</li>
</ul>
</div><p>Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.</p>
<div class="lb-trans"><p>想要跟上最新的关税新闻吗？我们的新每日新闻摘要提供了影响全球贸易的市场动态头条的概述。请在此处注册关税观察 here。</p>
</div><p>Nvidia is beating revenue estimates by smaller margins https://reut.rs/43v8sx4</p>
<div class="lb-trans"><p>英伟达的收入预期超出预期的幅度较小 https://reut.rs/43v8sx4</p>
</div><p>Trouble in bond land https://reut.rs/43ty8KA</p>
<div class="lb-trans"><p>债券市场的麻烦 https://reut.rs/43ty8KA</p>
</div><p>(By Rae Wee; Editing by Christopher Cushing)</p>
<div class="lb-trans"><p>（作者：Rae Wee；编辑：Christopher Cushing）</p>
</div>

Nvidia earnings take the spotlight

- Nvidia 将于周三发布财报，预计第一季度收入增长 66.2% 至 432.8 亿美元。  
- 全球债券市场需求减弱，尤其是日本 40 年期国债拍卖需求创低。  
- 新西兰央行下调基准利率 25 个基点，预示经济增长风险加大。  

英伟达的财报成为关注的焦点